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How much of cash income do I have to report to the IRS

Customer Question
How much of cash income do I have to report to the IRS
Submitted: 7 years ago.Category: Tax
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Answered in 1 minute by:
3/1/2010
Tax Professional: Merlo, Accountant replied 7 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Verified

Hello Muggles,

 

If you have income from self employment of $400 or more for the year, you must file a return with the IRS to report that income.

 

 

Thank you muggles

 

 

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Customer reply replied 7 years ago
thanks Merlo, I fortgot to mention that there also are checks from customers which would come into my business. So basically I would be making sales and those sales would be funded through cash and checks from paying customers. Sorry for the confusion.

Muggles
Tax Professional: Merlo, Accountant replied 7 years ago

Hello again Muggles,

 

Whether you receive cash or checks, it all must be reported, as long as you have more than $400 in earnings from self employment. If you are a single person with no dependents, then you would not actually owe any income taxes unless you had $9,350 or more in income for the year. But income from self employment is not only subject to income tax, it is also subject to SS and Medicare taxes, which is why it must be reported if you have earnings of $400 or more for the year.

 

 

Thank you Muggles

 

 

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Merlo
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Satisfied Customers: 9,783
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Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad

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